Focus Group Research Services | Market, Trends, Growth | Suppliers Analysis

Strategic Sourcing Guide to Focus Group Research Services Procurement

Overview

The market for Market Research and its sub-segments such as Focus Group Research Services are at an interesting intersection. The growing shortage of skilled talent and increasing salaries of employees is driving the operational costs of service providers. This is expected to increase service charges at least within the tier 1 suppliers who put a high premium on the talent pool that utilize.

Most suppliers of Focus Group Research Services are moving up the value chain and offering integrated services that go beyond just Focus Group Research Services. Buyers are increasingly collaborating with vendors who can offer one-stop solutions as they now have fewer suppliers to manage and can achieve greater cost savings that arises out of awarding a larger contract to a supplier.

The market is rapidly showing signs of a great divide - at one extreme is a low-cost market with almost commoditized services and at the other end is the market for high cost specialized services. Focus Group Research Services vendors are adopting starkly different business models and cost structures to address both the markets.

Trends like these and many others discussed in this report are necessitating a relook at the way Focus Group Research Services is procured and the procurement cost saving opportunities that exist.

Focus Group Research Services Procurement Best Practices

It has become imperative for category managers to remain as agile as possible in terms of their procurement practices. However, it is not always easy to quickly spot and implement alternative practices in a category like Focus Group Research Services. To help quick decision making, this report advises on several procurement best practices that have worked well for category managers.

For example, It is crucial to develop measurable milestones that help monitor and benchmark the performance of service providers. In case of variations, buyers should discuss and find appropriate solutions in conjunction with the service provider, followed by the implementation of an effective strategy to avoid variations in the future. The performance of service providers can also be linked to a portion of their fee and can be paid upon rendering of services in a satisfactory manner. For instance, measuring performance based on adherence to budget and accuracy of data or information provided during research.

Buyers must clearly define clauses related to ownership of subcontracting services that are not part of their preferred partners' portfolios to ensure service consistency and control of sensitive data that are shared with subcontracted firms. The roles and responsibilities of subcontractors should be clearly defined by supplier to provide visibility on the quality of main service provider vs sub-contractors.

Buyers should specify a mechanism for agreeing to and recording changes in services provided by the interacting parties, usually buyers and service providers.

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Risks in Focus Group Research Services procurement

Focus Group Research Services procurement managers also need to proactively identify and mitigate potential risks that can arise in the supply chain or contracts for Focus Group Research Services procurement. Some examples include:

Pricing terms in the contract could prove to be inadequate to safeguard the buyer from impact of a sudden increase in supplier's cost, often arising from a lack of clarity on scope of products or services to be delivered
Talent crunch leads to poor performance of the firms with respect to project outcomes. It also results in the loss of confidence of buyers over their service providers
Procurement without consulting the actual users of Focus Group Research Services may result in a mismatch in expectations of the buyer's internal stakeholders versus the actual contract executed

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Who should read this report

The report is intended to serve as a one-stop reference guide for Focus Group Research Services procurement strategy and offers a perfect blend of category basics with deep-dive category data and insights. Therefore, it is ideal for category beginners looking for “Focus Group Research Services: Procurement Report 101” as well as for category experts actively tracking the global Focus Group Research Services procurement market.

You may have just initiated your research to design a winning Focus Group Research Services procurement strategy, or you may be a category expert looking for strategic insights and updated data.Either ways, the report has your requirements covered.

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Key questions on Focus Group Research Services procurement answered by this report

Procurement decisions can prove to be costly in the absence of careful deliberation and evaluation of every available option. In fact, more than 90% of the decision makers we work with acknowledge that timely availability of up-to-date category intelligence can help them make better purchasing decisions. More than 80% of them believe that in-house category intelligence needs to be updated periodically to achieve full benefits. If you have read so far, we are quite sure you agree!!

The Focus Group Research Services procurement report helps take more informed decisions by placing all the critical information and advice at the fingertips of a decision maker. It also specifically answers some of the key questions that we have been routinely asked during our industry outreach initiatives:

What is the spend potential in the Focus Group Research Services market?
What is the correct price to pay for Focus Group Research Services? What are the key trends and factors that influence current and future pricing?
Which selection criteria are the most important for Focus Group Research Services Suppliers Market?
Who are the top Focus Group Research Services suppliers? What are their cost structures?
Which negotiation levers can reduce Focus Group Research Services procurement cost ?
What are supplier margins in Focus Group Research Services market?
What are the best practices for Focus Group Research Services procurement and what are the potential risks?

SpendEdge Insights has helped procurement professionals and sourcing teams manage multiple spend areas and achieve more than $2 billion in savings. Activate your free account today!

Focus Group Research Services Category Insights: What is inside

The Focus Group Research Services market report offers a complete picture of the supply market and analyzes the category from the perspective of both buyers and suppliers. Analysis of the category trends, procurement best practices, negotiation levers and overall category management strategy advisory are interspersed with in-depth data and commentary on spend outlook, pricing ecosystem and supplier landscape drilled down to a region-level coverage.

Data

A key highlight of this report is the in-depth outlook created on Focus Group Research Services procurement spend and pricing trends. The report further delves deep into the aspects of cost structure, total cost of ownership and supplier margins for Focus Group Research Services. A dedicated section to supplier profiles and evaluation helps decision makers cast a wider procurement net and identify gaps in existing relationships.

Insights

Along with specific category and supplier intelligence, the publication also includes curated insights on Focus Group Research Services market trends, price influencers and inherent risks. These insights help the decision makers prepare for market shaping trends in advance and create alternative strategies for changes in the market conditions.

Advisory

Additionally, the report also advises on the best practices and strategies to manage the Focus Group Research Services category efficiently. Negotiation levers and opportunities are explained in detail along with quantification of their potential. Benchmark KPIs for supplier and buyer performance management are also aggregated to better organize the category objectives. Other themes of advisory include ideal procurement organization structure, enablers to achieve KPIs or category objectives and ideal SLAs to have with suppliers.

Category Ecosystem

Buyer and supplier ecosystem
Competitiveness index
Buyer and supplier power
Threat of new entrants and substitutes

Global and Regional Sourcing Insights

Category spend
Spend growth
Dynamics
Opportunities

Pricing and Cost Analysis

Pricing outlook and data
Drivers of pricing
Cost structure and inputs cost
Total cost of ownership
Pricing models and margins

Cost Saving Opportunities & Negotiation Strategies

Buyer and supplier side levers
Quantified cost saving opportunities
Negotiation strategies and quantified outcome

Procurement Best Practices, Strategy and Enablers

Procurement excellence
Sustainability and innovation
KPIs and category enablers
Risk management and outsourcing

Vendor Analysis

RFx essentials and selection criteria
SLAs
Supplier evaluation metrics
Detailed supplier profiles

Our research is complex, but our reports are easy to digest. Quantitative analysis and exhaustive commentary is placed in an easy to read format that gives you an in-depth knowledge on the category without spending hours to figure out “what does it mean for my company?”

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Category Research Framework

SpendEdge presents a detailed picture of Focus Group Research Services procurement solutions by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key category influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.